PETALING JAYA: Gamuda Bhd’s 50% joint venture company Projek Smart Holdings Sdn Bhd (Smart Holdings) has decided to accept Minister of Finance Inc’s (MOF Inc) offer to acquire all the securities of Syarikat Mengurus Air Banjir dan Terowong Sdn Bhd (Smart).
In a filing with Bursa Malaysia, Gamuda said that the board of directors of Smart Holdings had deliberated on the offer and unanimously found it fair and reasonable, and as such, has resolved to accept the offer.
“With respect to the inter-conditionality of the offers, all the concession holding companies have accepted the offers and following therefrom the offers as a whole will be subjected to shareholders approval of Gamuda requiring a simple majority vote,” it said.
The offers for Lingkaran Trans Kota Sdn Bhd (Litrak) and Sistem Penyuraian Trafik KL Barat Sdn Bhd (Sprint) collectively will be subjected to shareholders’ approval of Lingkaran Trans Kota Holdings Bhd (Litrak Holdings) requiring a 75% majority vote, as the two offers will result in a major disposal by Litrak Holdings.
The concession holding companies expect to commence negotiations with MOF Inc to finalise the terms and conditions of the definitive agreements and to execute the definitive agreements with MOF Inc’s special purpose vehicle by Aug 30, 2019.
The execution of the definitive agreements is subject to the satisfactory due diligence findings by MOF Inc and Cabinet’s approval.
To recap, MoF Inc offered to acquire four toll concessionaires with an enterprise value of RM6.2 billion.
The four toll highways are the Damansara-Puchong Highway, Sprint, Shah Alam Expressway and Stormwater Management and Road Tunnel, with offer prices of RM2.47 billion, RM1.98 billion, RM1.38 billion and RM369 million, respectively.
Source: The Sun Daily